Odisha government launches new policy to promote biotechnology

The state government on Thursday launched the Odisha Biotechnology Policy-2018 replacing the two-year old existing policy that aims to promote innovation in research and development besides assuring incentives to investors.

| TNN | Nov 15, 2018, 15:44 IST

Badri Narayan Patra

BHUBANESWAR: The state government on Thursday launched the Odisha Biotechnology Policy-2018 replacing the two-year old existing policy that aims to promote innovation in research and development besides assuring incentives to investors.

State science and technology minister Badri Narayan Patra, who launched the new policy here at the Make in Odisha conclave here, said the development of biotechnology sector in Odisha will be based on three key pillars-- innovation, entrepreneurship and investment.

“We will provide our full support for development of the sector by forming public private partnership (PPP), bio-incubation centre, and biotech finishing schools. We will collaborate with various international organizations to provide cutting-edge technology in the biotech sector,” said Patra.

The state government also received investment intents as leading pharmaceutical player Bharat Biotech has evinced interest to invest around Rs 500 crore in Odisha Biotech Park being developed near Bhubaneswar over 64 acres.

“We would set up a vaccine manufacturing unit over an area of 33 acres. My company will be the anchor tenant in the proposed biotech park. The Odisha Biotechnology Policy is one of the best in country and I hope more players would invest in the sector in Odisha,” said Krishna Ella, chairman and managing director of the company.

Explaining that biotechnology is a complex and knowledge-driven sector, state science and technology secretary Nikunja Bihari Dhal said the existing policy has only provisions of incentives for the investors.

“It needs a lot of research and academic activities. We need to encourage a lot of Startups to invest in biotechnology with funding support,” Dhal said.

The new policy has provisions of early stage grant funding like bio-innovation fund to translate ideas into product development, biotech bridge grant to help budding entrepreneurs to continue activities and immersion fellowships to promote research.

As Odisha is yet to make any considerable progress in drawing investments in biotechnology sector, the Bhaarat Biotech founder said it takes years to get results in biotechnology sector unlike other sectors like information technology, mining and metal.

Krishna said it took 20 years to be established for his company that has so far invested over Rs 1000 crore unit near Hyderabad. “Investment in biotechnology sector is like investing for next generations,” he added.

Speaking on the occasion, chief secretary AP Padhi said biotechnology is one of the emerging sectors that has excellent potential to grow in Odisha.

“We are home to leading academic institutions providing a pool of technology and scientist workforce,” Padhi said.

The chief secretary said the new policy will attract startups and budding entrepreneurs.

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